domingo, 25 de agosto de 2013

Vanguard’s Bogle responds to ‘parasite’ tag

Financial times, John Bogle, 25 August 2013

John Bogle, founder of Vanguard Group, respond to an article of a fund manager, David Smith, who described the index mutual fund as a “passive parasite”. Mr Bogle explains that active management has higher fees than passive management and consumes a huge percentage of the annual returns.

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